Press release
Synthetic Diamond Market to Reach USD 22.55 Billion by 2030 at 6.8% CAGR
Synthetic Diamond Market
The global Synthetic Diamond Market, valued at USD 14.23 billion in 2023, is anticipated to grow at a compound annual growth rate (CAGR) of 6.8%, reaching USD 22.55 billion by 2030. This growth is fueled by increasing applications in industrial sectors such as construction, electronics, and oil & gas, as well as rising consumer demand for ethically sourced and sustainable diamond alternatives in jewelry.
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Competitive Landscape
Prominent players in the synthetic diamond market include Element Six Ltd., II-VI Incorporated, Orbray Co., Ltd., and Eco Grown Diamond. These companies are investing in research and development to enhance production techniques like High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), aiming to produce high-quality synthetic diamonds for various applications.
Regional Insights
Growth and Opportunities in the United States
The United States is witnessing significant growth in the synthetic diamond market, driven by advancements in technology and increasing demand in industrial applications. Companies like Eco Grown Diamond are focusing on producing HPHT diamonds that closely resemble natural diamonds, catering to both industrial and jewelry sectors.
Trends and Consolidation in Asia-Pacific
Asia-Pacific dominated the synthetic diamond market in 2023, with China leading in production and consumption. The region's growth is attributed to high manufacturing activities across various industries and a substantial market for synthetic diamonds in China. India is also emerging as a significant player, with manufacturers in Surat utilizing HPHT processes for diamond production.
Consolidation and Updation in Europe
Europe is experiencing consolidation in the synthetic diamond market, with companies like Element Six Ltd. collaborating with II-VI Incorporated to produce high-quality single-crystal diamonds. These partnerships aim to expand diamond technology applications across various industries, including electronics and semiconductors.
Growth and Opportunities in the Middle East and Africa
The Middle East and Africa region is gradually adopting synthetic diamonds, particularly in industrial applications. The region's growth is supported by economic diversification efforts and infrastructural development, leading to increased demand for synthetic diamonds in construction and manufacturing sectors.
Recent Developments
In 2024, Element Six Ltd. and Orbray Co., Ltd. formed a partnership to produce high-quality wafer-scale single-crystal synthetic diamonds, aiming to supply various industries.
In 2022, Element Six Ltd. collaborated with II-VI Incorporated to license and produce high-quality single-crystal diamonds, expanding diamond technology applications.
In 2021, Element Six UK Ltd. partnered with the University of Warwick to develop next-generation synthetic diamond-enabled technologies, leveraging expertise in advanced material solutions.
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► Synthetic Diamond Market Segment Analysis:
by Product Type
Rough
Polished
by Manufacturing Process
High Pressure High Temperature (HPHT)
Chemical Vapour Deposition (CVD)
Gem
by Application
High-end Electronics
Machine& Cutting Tools
Laser & X-ray
Others
Because of its extensive use in the jewelry industry, which is the segment's main driver, the polished segment of synthetic diamonds led the market in 2023 based on product type. Because they come in a variety of sizes, styles, and designs, polished synthetic diamonds are in high demand for engagement rings and diamond jewelry.
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► Synthetic Diamond Market Key Players:
1. Element Six (U.S.)
2. Sumitomo Electric Industries (Japan)
3. Henan Huanghe Whirlwind Co Ltd (China)
4. Zhongnan Diamond Co Ltd (China)
5. Zhengzhou Sino-Crystal Diamond Co Ltd (China)
6. Applied Diamond Inc (U.S.)
7. Advanced Diamond Solutions Inc (U.S)
8. Morgan Technical Ceramics Diamonex (UK)
9. Pure Grown Diamonds (U.S.)
10. Crystallume (U.S.)
11. New Diamond Technology (Russia)
12. Centaurus Technologies (U.S.)
13. Hebei Plasma Diamond (China)
14. ILJIN Diamond Co Ltd (Korea)
15. Sechrist Industries (U.S.)
16. Swarovski (Austria)
17. Heyaru Engineering Pvt Ltd (Belgium, Europe)
18. Soham Industrial Diamonds (India)
19. New Age Diamonds (Russia)
20. Other Players
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